The company said the investment, which has been provided by eight banks, will be the largest in the UK for fibre provision. It is aiming to reach two million buildings by 2022 and hit five million by 2025.

Around half a million homes and businesses already use the company's 1GBps service. Over the past year, it grew its network by 10 towns and cities and has signed contracts for an additional 19, which will lead it to covering more than 50 urban areas during the first quarter of next year.

Hyperoptic said the investment would also boost jobs, with the company targeting 400 new employees by the end of the year and an additional 1,000 by 2020.

Hyperoptic CEO Dana Tobak said: “Such large financial backing from prestigious investors is testament to the strength of Hyperoptic’s business model and proven track record for delivery. All our teams are forging ahead with one rally cry: Let’s Gigabit Britain.”